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> Massive taxation increases the risk of doing business

I encourage you to make a list of countries ordered by taxation level, and another one ordered by the risk of doing business. And then compare the two.

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I'd phrase it as "massive taxation reduces the reward of doing business" and therefore, assuming equivalent risk, some number of potential entrepreneurs (and their investors) will decide it's not worth it.

If you're thinking that it's instructive to compare nations by tax rates in isolation, as if it's an "all things being equal" comparison I would challenge that on many levels.

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